Which of the following is true with the imposition of the price control or price ceiling? A. the consumers derive lower consumer surplus in terms of lower prices B. the producers decide to sell more because the price is attractive C. price control causes an excess supply D. all are true E. none is true Which of the following is true with the imposition of the price support or price floor? A. the consumer surplus is reduced when they buy at a higher price B. the producer surplus is increased when they receive a higher price for their produce C. price support causes an excess supply D. all are true E. none is true

Price Control Graphs with Consumer and Producer Surplus (Need help on these? The 6) The PE for a product is $50. The government feels this is unfair and they lower the price to $40. Is this a price ceiling or floor? What will be the result? In a graph, draw this situation and show the consumer surplus and producer surplus. 7) The PE for a product is $50. The government feels this is unfair to the business and they raise the price to $60. Is this a price ceiling or floor? What will be the result? In a graph draw this situation and show the consumer and producer surplus. If the government limits the amount that can be bought and sold that is called a "quota." (Need help on this? 8) Draw the following graph: Supply and demand determines a PE of $10 and an EQ of 40. The government limits the amount that can be bought and sold and establishes a quota at 30 units. Show the new supply curve (it will be a backwards L shaped line), a new PE (let's say the new PE is $12). Also shade in the area…

Assume the following demand and supply curves Qd=95-5P Qs=-40+10P Compute the price and quantity i the government was to impose a price ceiling of P=$6 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b с d P=9, Qs=50, Qd=50 P=6, Qs=50, Qd=50 P=6, Qs=20, Qd=65 P=5, Qs=10, Qd=70

A price ceiling: a. would be imposed if the government believes the market equilibrium price is too low. b. is the lowest price that the law will allow to be charged in the market. c. is the price that must be charged in the market. d. is the highest price that the law will allow to be charged in the market.

A binding price ceiling will a. result in a product shortage. b. result in a product surplus. c. induce new firms to enter the industry. d. clear the market.

Relative to the equilibrium, who is made better off by a price ceiling that equals $2?   A. Buyers   B. Sellers   C. Both buyers and sellers   D. Neither   E. None of the above